We deliver.
Results.

We have a track record of delivering consistent and superior returns. Our "Build and Buy" profitable growth strategy is based on the fundamentals of running a sound and stable business for the long term. On many key performance indicators, fiscal 2011's financial performance was one of our best yet and further solidified our consistent industry leading position. We continue to invest in intellectual property and leverage growth areas with the highest returns, including cloud computing, cybersecurity and biometrics.

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As at and for the years ended September 30 2011 2010 2009
(In thousands of Canadian dollars, unless otherwise indicated) $ $ $
Financial performance
Revenue 4,323,237 3,732,117 3,825,161
Adjusted EBIT1 561,952 511,902 460,741
Adjusted EBIT margin 13.0% 13.7% 12.0%
Net earnings 435,065 362,766 317,205
Net earnings margin 10.1% 9.7% 8.3%
Basic earnings per share4 (in dollars) 1.64 1.27 1.03
Diluted earnings per share4 (in dollars) 1.58 1.24 1.02
Net earnings (under US GAAP)2 435,125 363,276 314,927
Basic earnings per share (under US GAAP)2,4 (in dollars) 1.64 1.27 1.02
Diluted earnings per share (under US GAAP)2,4 (in dollars) 1.58 1.24 1.01
Cash flow from continuing operating activities 571,215 552,367 630,244
Financial position
Total assets 4,685,543 4,607,191 3,899,910
Shareholder's equity4 2,346,356 2,152,631 2,275,254
Long-term debt (current and long-term portions) 1,005,681 1,153,876 283,130
Net debt to capitalization ratio3 26.8% 30.6% n/a
Fiscal 2011 Fiscal 2010
  Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Quaterly financial results
Revenue 1,031,565 1,037,913 1,133,071 1,120,688 1,007,056 901,614 910,441 913,006
Adjusted EBIT 102,772 144,342 156,290 158,549 139,801 128,702 123,963 119,436
Adjust EBIT margin 10.0% 13.9% 13.8% 14.1% 13.9% 14.3% 13.6% 13.1%
Net earnings 73,093 118,438 116,961 126,574 84,076 85,880 81,591 111,219
Net earnings margin 7.1% 11.4% 10.3% 11.3% 8.3% 9.5% 9.0% 12.2%
Basic earnings per share 0.28 0.45 0.44 0.47 0.31 0.30 0.28 0.38
Diluted earnings per share 0.27 0.43 0.42 0.45 0.30 0.30 0.28 0.37
Cash flow from operating activities 192,782 90,076 193,147 95,210 158,473 102,750 125,016 166,128
  1. Adjusted EBIT represents earnings from continuing operations before acquisition-related and integration costs, interest on long-term debt, interest income, other (income) expenses, gain on sale of capital assets and income tax expense.
  2. The reconciliation between U.S. and Canadian Generally Accepted Accounting Principles is provided in Note 29 to the consolidated financial statements.
  3. The net debt to capitalization ratio represents the proportion of long-term debt and bank overdraft, net of cash and cash equivalents, short-term investments and marketable long-term investments ("net debt") over the sum of shareholders' equity attributable to shareholders of CGI and long-term debt. Net debt and capitalization are both net of the fair value of forward contracts. As at September 30, 2009, our net debt was negative (a net cash position) and therefore is shown as not applicable ("n/a").
  4. Earnings per share amounts and shareholders' equity are attributable to shareholders of CGI.

TABLE OF CONTENTS

We deliver... Together.

Management's discussion and analysis
of financial position and results of operations

Management's and auditor's report

Consolidated financial statements

Notes to the consolidated financial statements

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